Dr. Dre and Jimmy Iovine have secured $60 million in funding for their digital music service, Daisy.
Dr. Dre's grasp on the music industry continues to tighten, as he has just secured $60 million in investments for his newest endeavor, a music streaming project called "Daisy."
As we reported previously, Daisy is a digital music service that will offer listeners up to 12 million singles to stream on a paid subscription basis. Dr. Dre & Jimmy Iovine were heading the project together, and now reports say the two have $60 million in investments so they are able to launch Daisy as its own company, rather then keeping it within Dre's Beats Electronics company.
Daisy is reportedly set to launch in "late 2013." Alongside Dre and Jimmy will be Nine Inch Nails' Trent Reznor, as Daisy's Chief Creative Office and Ian Rogers (who founded Topspin) as the CEO.
Beats Electronics' $14 million acquisition of digital music service MOG last year was also a part of the Daisy project, and those assets will be incorporated into Daisy.
Although Daisy will definitely have some strong competitors, such as Spotify, Pandora and Rdio, Dre & Jimmy seem very prepared to take them on, given the amount of funding they are putting into the endeavor.